Commercial banks in the U.K. rarely provide loans for redevelopment projects.
- A corporation had plans to purchase an old mail delivery office for redevelopment.
- The company needed financing but was unable to obtain it from traditional banks, who rarely lend to redevelopment projects.
- Rikvin Capital performed the necessary due diligence and underwriting and found that the property was in a prime location.
- We were able to provide the loan at 60% LTV for a period of 6 months with a first charge on the property.
- This enabled the borrower to purchase the property and apply for planning.
- The borrower later refinanced the property after receiving planning permission.
|Location||London, United Kingdom|
|Duration of Loan||6 Months|
|Payment Schedule||Balloon + Monthly Interest Payment|
|Asset Type||Commercial Building|
|Completion Time||10 Days|